@Justin Prevatte  if the OP has free and clear properties IE the 16 are all owned out right then yes that would work for sure .. subject to finding a lender that likes the collateral and will lend.Small seconds behind large first are just a NO NO in the lending worldfor the very simple reasons you stated.see threads on BP about those that have been doing gap funding on rehab projects and the borrower goes dark and they are fubared.. loss of the entire loan is most likely out come.UNLESS your a loan to own guy.. and if this OP failed you fine stepping in and taking over the whole maryann..

I feel that I am in a no win situation with this company.

NACA (naca.com) has a no downpayment, no closing cost, no PMI program.. 

Once I find a property where the math is good than it's obviously a no brainer.  

If this were you....You've come across a landlord looking to sell....=$70k - condo (no repairs needed, close to a school)=$1k - property taxes=$800/mo condo fees=Just renewed NO hassle tenants renting for $1600/mo for...

Next week, the Monticello House in Somers Connecticut is going to a no reserve auction.

I once insisted on reading the 25 pages of documents that accompanied a no interest lead renovation loan.

Closing costs alone will likely make this a no profit deal.  

I get "a", no depreciating capital gains but I reject b.

If we don't sell, this seems like a no-brainer.